How To Save 60% of Your Income

Looking at your savings rate, and how to increase it over time, is one way you can work towards saving more money! What are you doing to increase your savings rate?👀

Best way to save is to treat saving like a bill. Number one help. Also I can live off 2000 so I save what ever is left(900-1100) and still try to save out of that 2000. I also try to lower what bills I have. I like to keep my bill amount to rent, utilities , phone. I have decided to pay car insurance in full not monthly and it feels more better. Car will be payed off next month I couldn't deal with the monthly payments people said its 'good' to have car payment but I find it don't work for me had a car official for one year and was done with the payments. I dislike paying interest especially on something that depreciates. After paying off car looking to restart my savings goal toward home ownership. Before 30 hopefully. Note too my credit score dropped 2 points making a lump sump payment to car but it wont stop me. Still would be in the 800.

The one thing that helped me , my job subtracts my savings before it hits my bank account! I have started with 30% this year … and as my salary increases , I will increase the percentage. I just started with my new job… and they match whatever percentage I put in. Fingers crossed , I will be able to save more than 20 grand this year!!!

I wish I could be able to save that much. As a matter of fact, I am going to try to save that much. Like Den said, I don't want to work forever. Thank you guys for the video.

I took my daughter school clothes shopping recently and I realized how much more effort you have to put into buying things in person vs shopping online. Yes you save time doing your shopping online but it’s easy to overspend because online shopping takes little to no effort. When you shop in person you get a little bit of exercise and with all of the work put into it you are a little more careful with what you spend your money on.

I did 50% savings rate for a few months and I loved how fast the numbers grew :D!

I am saving 63% of my net income this year. However, that is mainly because I started working from home during the pandemic and I moved from the big city to my home town, where I don't pay rent as I live at home. I also don't have a car. If I had these two costs, I would be saving much less, probably 30%. What I also made sure to do to achieve 63% was to automate my savings and investments as well as make sure my expenses remained relatively the same even when I got salary increases. Of the 63% I saved, 20% of it is in investments and in 2023, I'd like to invest half of what I am able to save. This year I paid off my credit card as well as some medical debt and I am only left with my student loan debt which I plan to pay off by 2024. Thanks for the video Steph and Dan 👍🏽

Great video! I have been planning my shopping list a lot more now too for budgeting for clothes. Thinking instead about what is missing from my closet, what I've recently donated and basics.

Great video. I believe it gets easier when you make more money. I have standing orders which leave my account every month plus ISA. This way it’s automatic without me thinking about it.

This is awesome. It’s difficult because I have kids now. My advice for anyone who doesn’t have kids is to do it before having kids. Once they get here is can get twice as hard but it is doable. I’m doing it now and don’t plan on giving up. Thank you Steph. ❤

Thank you

Great video! Best part; you get to save you don't have to save!

After calculating our necessities, my wife and I put a how long do I have to work to pay for this on our wants. It has really made us think before making any purchase that we don't think is worth working extra for. And we also put the cost of the item at a 12-year investment rate which is 4x the cost of any item. So essentially, even the $5 coffee, we look at it as $20. And the $100 meal out is $400. Really makes sure we know exactly where every penny is going and keeps our saving rate as high as possible.

Love your video u doing a great job on saving your money I remember when I was saving like $25 a week to $50 a week and now I’m making over $49,000 a year I’m able to save every paycheck I make sure to keep my expenses low and I live below my means and not try to live like the joneses I’m so close to hitting 100K but the end of this year I motivate myself everyday to keep saving every paycheck every two weeks and I’m very proud

Thank you!

You guys are awesome! I would love to meet and talk about business opportunities with both of you. Excellent 👍. Keep making and saving those Robert's (Robert Borden).

Thankyou

I’m on my 3rd year of obtaining fire. The first year was when Covid hit I saved 80%. Now I find myself happy at 50%. What keeps you guys motivated? I feel a little burnt out sometimes

Great intro!

hard to do that when rent is more then 50% of most people's income